Going by their definition and product offerings, one may easily think that all centralized cryptocurrency exchanges are similar. Both Binance and OKX have large cryptocurrency ecosystems that include spot and futures trading, passive income from investments, and access to decentralized financial services and the metaverse.
Even though they both sell products that are similar, they are not the same because their ecosystems are not the same. In this guide, we'll look at what Binance and OKX have in common and what makes them different. We'll go over their fee structures, talk about the different products, ecosystems, and assets that can be traded, and compare them to each other.
| Binance | OKX | |
|---|---|---|
| Year Launched | 2017 | 2017 |
| Supported cryptocurrencies | 384 | 356 |
| Native Token | BNB | OKB |
| Supported Fiat Currencies | 11 | 46 |
| Funding Methods | Buying crypto with 9 fiat currencies with debit/credit cards, direct bank transfers, third-party payment channels, or P2P trading | Buying crypto with over 92 fiat currencies with debit/credit cards, third-party payment channels, or P2P trading |
| Withdrawal Methods | Direct bank transfer, P2P trading, or third-party payment channels | P2P trading, or third-party payment channels |
| Crypto Wallet | Trust Wallet | OKX web3 wallet |
| Regulation Regarding Debit Cards | It holds licenses and/or registrations for providing various crypto services in France, Italy, Spain, Sweden, Dubai, Abu Dhabi, Bahrain, Lithuania, Poland, Canada, South Africa, New Zealand, Japan, and the US | Provisional virtual assets license by the Dubai World Trade Centre Authority |
| Binance Visa card | Yes | None |
| NFT Marketplace | Yes | Yes |
| Launchpad | Binance Launchpad and Binance Launchpool | OKX Jumpstart |
| Learn and Earn | Yes | No |
| Spot Markets | 1,636 tradable assets | 796 tradable assets |
| Derivatives market | 229 tradable assets | 199 tradable assets |
| Copy Trading | Through TraderWagon | Directly from OKX Leaderboard |
Binance Overview
Binance is the largest centralized cryptocurrency exchange for both spot trading and trading in derivatives. It was launched in June 2017 and, in about 180 days, became the world's largest CEX. On the spot cryptocurrency market, there are more than 384 coins and about 1,636 assets that can be bought and sold. And in the derivatives market, Binance has 229 tradable crypto assets.
Binance Exchange, Binance Chain, Trust Wallet, Binance Labs, Launchpad, Binance Academy, Research, Trust Wallet, Charity, and the NFT Marketplace are all parts of the Binance ecosystem. Users can access the Binance ecosystem through the web, desktop apps for Windows, MacOS, and Linux, and mobile apps for Android and iOS. Although Binance has a decentralized exchange, it isn't as dominant as the centralized exchange.
OKX Overview
Headquartered in the Seychelles, OKX is among the oldest cryptocurrency exchanges. OKX has been around since 2013, when the company's founder created the OKCoin cryptocurrency exchange. It's one of the few CEXs that supports the largest number of fiat currencies—over 43.
OKX's ecosystem is made up of the crypto exchange, the OKX wallet, copy trading, cryptocurrency trading bots, OKX Earn, OKX Chain, Jumpstart, and DeFi services. Users can also connect to the OKX ecosystem through its apps for Android, iOS, Windows, and MacOS. Chrome, Firefox, Edge, and Brave all have extensions for the OKX self-custodial Web3 crypto wallet.
The table below summarizes OKX's trading fee.
| Maker Fee | Taker Fee | |
|---|---|---|
| Regular Traders | USDT/USD-S/Crypto pairs: 0.06% to 0.08% USDC Pairs: 0% to 0.07% | USDT/USD-S/Crypto pairs: 0.08% to 0.1% USDC Pairs: 0.05% to 0.07% |
| Futures and Perpetual | 0.015% to 0.02% | 0.03% to 0.05% |
| Options | 0.015% to 0.02% | 0.03% |
| Maker Fee | Taker Fee | |
|---|---|---|
| Spot Market | USDT/USD-S/Crypto pairs: -0.005% to 0.06% USDC Pairs: -0.01% to 0% | USDT/USD-S/Crypto pairs: 0.02% to 0.08% USDC Pairs: 0.02% to 0.04% |
| Futures and Perpetual | -0.015% to 0.01% | 0.02% to 0.03% |
| Options | -0.01% to 0.01% | 0.013% to 0.02% |
Binance Trading Fees
Unlike OKX, Binance has a uniform fee for all regular traders. But similar to OKX, the VIP traders' tiers are determined by traders' trading volume. Here's a summary of the Binance fees
| Maker Fee | Taker Fee | |
|---|---|---|
| Binance Spot Trading | 0.10% | 0.10% |
| USDⓈ-M Futures Trading | 0.012% to 0.02% | 0.03% to 0.04% |
| COIN-M Futures Trading | 0.01% | 0.05% |
| Options Trading | 0.02% | 0.02% |
| Maker Fee | Taker Fee | |
|---|---|---|
| Binance Spot Trading | 0.02% to 0.09% | 0.04% to 0.1% |
| USDⓈ-M Futures Trading | -0.01% to 0.016% | 0.017% to 0.04% |
| COIN-M Futures Trading | -0.009% to 0.008% | 0.024% to 0.045% |
| Options Trading | 0% | 0.02% |
Binance vs. OKX: Products Offered
Binance and OKX both offer other crypto products that aren't their main assets that can be traded. Here's an overview:
OKX vs Binance: Crypto Loans
Both Binance and OKX offer crypto loans, which borrowers can use for whatever they want. You can use the loan to trade on the spot, margin, or futures markets, for staking, or even to withdraw. Both of them provide VIP loans, which are designed to provide cryptocurrency loans with higher limits and lower interest rates. This is a loan service from an institution that can be used by individuals. It lets them get cash without selling their crypto holdings.
Unlike Binance, OKX offers both fixed and flexible interest rate crypto loans, with the option to put up single or multiple collaterals for the loan. Note that the terms and conditions, such as the interest rates and the loan-to-value ratio (LTV), are different for each exchange and depend on the asset borrowed. And the borrowing process is relatively similar for both.
OKX vs Binance: Crypto Launchpads
Binance and OKX have launchpads that offer advisory services to blockchain projects on the best possible way to launch their tokens. The services offered range from token presale advisory to marketing and post-listing support.
To this end, Binance has the Binance Launchpad and Launchpool platforms, while OKX has the OKX Jumpstart. Consequently, these platforms offer access to new, high-quality crypto projects.
OKX vs Binance: NFT Marketplace
Both Binance and OKX have NFT markets that offer a centralized NFT market in one place. You can explore some of the most popular NFTs and trade them across different blockchains. They both allow users to mint their own NFTs.
OKX vs. Binance: Crypto Cards
Binance has the Binance Visa Card, which allows cardholders to spend their crypto balances at points of purchase. Google Pay and Samsung Pay both work with the card, so cardholders can keep crypto in their funding wallets and instantly turn it into cash at the point of sale.
Cardholders enjoy free ATM withdrawals with no foreign exchange fees or annual fees. Users can also get up to 8% of their purchases back in BNB when they use their Binance Visa Card. For now, only European users are eligible for the Binance Visa Card.
Binance also offers Binance Pay and Binance Gift Cards. Binance Pay allows for contactless crypto payments when shopping on Binance Marketplace. Binance Gift Card, on the other hand, is a simple way to send and receive cryptos at zero fees and in a customizable manner.
OKX doesn't have a debit or credit card.
OKX vs Binance: Trading Bots
Compared to Binance, OKX is thought to have one of the largest libraries and markets for trading bots. It has more than 3.9 million cryptocurrency trading bots. In an ideal world, trading bots would help users automate different trading tasks and find and copy the most profitable trading strategies.
Spot and Futures Grid, DCA, Arbitrage, Smart Portfolio, Price Lock, TWAP, and Slicing bots are available on OKX. Grid Bot uses a simple plan to take advantage of the volatility of the spot and futures markets. It does this by buying low and selling high at different times. The Dollar Cost Averaging (DCA) bot helps users build their portfolios and close out their positions while keeping market risks to a minimum. The arbitrage bots use a strategy that takes advantage of price differences between crypto assets that are closely related. This helps users build a portfolio of different currencies. Slicing bots divide large orders into smaller ones. This helps reduce slippage on large orders and lowers the costs of trading.
Binance has Spot Grid and Futures Grid, TWAP, and VP bots. Futures Grid lets them use long-term and short-term trading strategies to make money off of changes in the market. The TWAP and VP crypto trading bots split large orders so they can get the best price with as little market disruption as possible.
Binance Earn vs. OKX Earn
Binance and OKX provide crypto holders with opportunities to earn money on the coins they hold. They both have a lot of similar products that people can use to make money while they sleep. But compared to OKX, Binance Earn has more coins in each "Earn" product category and a higher rate of return.
Earn programs on exchanges are designed for traders and investors of all skill levels, from beginners to cryptocurrency experts. They have "protected" products that guarantee that the user's principal will be safe and that interest will be paid in any market.
Cryptocurrency owners can use crypto savings plans, DeFi staking, Dual Investment, fixed income, ETH 2.0 staking, flash deals, mining pools, liquidity farming, and swap farming. They also have DOT Parachain slot auctions, meant to support new projects launched on Polkadot. For both exchanges, the expected interest earnings depend on the type of product, when it expires, and how risky it is.
Binance vs OKX: Supported crypto assets
Since both Binance and OKX are centralized crypto exchanges, their products are mostly the same, with a few small differences. They both offer advanced trading features for spot, crypto derivatives, and margin products.
Spot Exchanges
CoinMarketCap ranks Binance as the top spot-trading crypto exchange with about 1,636 crypto assets. OKX is ranked seventh in terms of spot trading, with about 796 digital assets in the spot market. Spot trading for both Binance and OKX is fairly similar. They both offer spot margin trading with different types of spot orders, including market, limit, one cancels the other (OCO), and trailing stop orders. Users can trade isolated or cross-mode for single, multi-currency, or portfolio margins.
Derivatives Trading
In derivatives trading, CoinMarketCap ranks Binance as the top crypto exchange with 229 tradable assets, while OKX ranks third with 187 tradable derivatives products. Both exchanges offer futures contracts, options trading, and perpetual swaps. While these digital assets are similar, Binance and OKX have differentiated them.
Binance has futures contracts for Binance Leveraged Tokens (BLVTs), USDS-M, and Coin-M, while OKX has contracts that are backed by tokens. Both offer derivatives of options, but OKX also has simple options, which work like binary options and have an expiration date and target price.
Binance vs OKX: Security
Binance and OKX are safe crypto exchanges. Binance and OKX are centralized cryptocurrency exchanges that collect and store user data. All new accounts on either exchange must go through a strict KYC verification process. In terms of cybersecurity, they have gone above and beyond. This includes all parts of the exchanges, from the trading platforms and apps to the security of user assets, data, and access.
OKX vs Binance: Copy Trading
Binance and OKX have copy trading features for crypto traders. However, we consider OKX's copy trading feature better compared to Binance's. On the OKX exchange, users can copy trades directly from lead traders on the OKX leaderboard. Binance has partnered with TraderWagon to facilitate crypto copy trading. Binance traders can create an account on TraderWagon, select a lead account to copy from, and connect it to their Binance trading account. They can also follow traders on the Binance Leaderboard and view their trades.
Copy trading on Binance attracts a fee of between 0.03% and 0.05%. No copy trading fees are incurred on OKX. However, traders must pay 10% of the profits earned to the lead trader.
Binance vs. OKX: Customer Rating
Taking into account the exchanges' features, fees, ease of use, and customer support, the most popular consumer ranking websites give both Binance and OKX stellar ratings. OKX's mobile app has a 4.3 out of 5 rating on Google Play from 268k reviews and a 4.8 on the App Store from about 15 reviews. Binance's mobile app has a 4.4 out of 5 rating on Google Play from over 1.26 million reviews and a 4.7 on the App Store from about 142k reviews.
Binance has an average of 2 out of 5 stars from about 4,200 customer reviews on Trustpilot.
OKX has an average of 3.2 stars out of 5 from about 456 customer reviews.
For both Binance and OKX, most complaints revolve around poor customer service, especially delayed responses. It's worth noting that both Binance and OKX have millions of active users, and these reviews are from just a few thousands. More so, most of these reviews are based on the extreme, once-in-a-while events which most users don't really relate to.
In our experience, we've never encountered any serious issues worth mentioning. Through their websites, mobile apps, and desktop apps, they both make it easy to trade. They also have a lot of educational materials, such as FAQ sections with detailed answers, "how-to" guides, and trading tutorials for people of all skill levels. Users have access to an automated bot to help them find answers to any questions, and they can also contact their customer support agents from across their social media channels and pages.
OKX vs. Binance: Proof-of-Reserves
In November 2022, when FTX failed, centralized cryptocurrency exchanges had to start publishing their proof of reserves. This is to verify that the CEXs are the custodians of the user deposits. It shows if the exchanges have enough cash on hand and can always pay out withdrawals to users. In the broadest sense, the proof of reserves shows the exchanges' liabilities (customer deposits) and assets (the pool of tokens held at the exchanges' addresses).
Both Binance and OKX hold user assets 1:1, plus reserves. Of all CEXs, Binance has the highest levels of reserves, with a little over $64.5 billion worth of crypto assets held as reserves. OKX has about $8.12 billion worth of crypto assets in reserve.
Here's a snapshot of Binance's proof of reserves.
Below is a snapshot of OKX's proof of reserves.
Read more about the industry's proof of reserves
OKX vs. Binance: Regulation
The crypto industry has always operated in a gray area, regulation-wise. But after the big collapses in 2022, people who have a stake in the cryptocurrency industry are calling for more rules.
Binance Licenses and Registrations
Binance is the CEX with the most licenses across multiple jurisdictions. Here are the licenses and registration it holds.
- A fully regulated Digital Asset Service Provider (DASP) in France and Italy
- A Virtual Asset Service Provider (VASP) in Lithuania, Spain, Poland, and Dubai
- A Class 3 Crypto Asset Service Provider (CASP) in Cyprus and Category 4 CASP in Bahrain
- A Financial Institution for management and trading in virtual currency in Sweden
- A Financial Services Permission (FSP) in Abu Dhabi
- A Digital Currency Exchange (DCE) provider in Australia
- In Canada, you must be registered as a money services business.
- A Crypto Asset Exchange Service Provider in Japan
- Registered as a Money Services Business with FinCEN in the US
- Registered on the New Zealand register of financial service providers
- Authorized to provide derivatives products in South Africa by the Financial Sector Conduct Authority (FSCA)
Binance.US is also registered as a money services business with FinCEN. Binance's BAM Trading Services, Inc. is licensed by various US state jurisdictions.
OKX Licenses and Registrations
OKX has a temporary virtual asset license from the Dubai World Trade Center Authority, which is part of the Dubai Virtual Assets Regulatory Authority.
Due to regulatory bottlenecks, OKX doesn't offer services in some countries, including the US and its territories, Ontario and Quebec in Canada, and the United Kingdom.
Binance vs OKX: Staking
Binance and OKX offer staking services for select coins. They offer DeFi staking and ETH 2.0 staking services. On Binance, stakers can earn up to 11.2% APR with ETH 2.0 staking, while on OKX, they earn an APY of between 5% and 20%.
Even though direct ETH stake withdrawals are not yet possible, the upcoming Ethereum Shanghai Upgrade (EIP-4895) will make it possible to withdraw staked ETH. For now, both exchanges tokenize BETH for users who stake ETH in a ratio of 1:1. Stakers can swap BETH for ETH, allowing seamless staking and withdrawal of ETH.
Binance staking allows users to stake 14 different altcoins with both flexible and fixed lock-in times. The estimated annual percentage rate (APR) for Binance DeFi staking ranges from 0.5% to 5.39%, depending on the coin staked and the length of the staking. OKX staking allows users to stake up to 80 tokens, and the estimated APY is between 0.1% and 72%.
Binance vs. OKX: Funding and Withdrawal Methods
OKX vs. Binance: Funding Methods
Both Binance and OKX have fiat currency support. They accept fiat and crypto deposits from external wallets and bank accounts. Both have thriving peer-to-peer markets that are the easiest way to buy cryptocurrency with cash. Crypto transactions are also permitted on the marketplace. Note that the deposit method you choose will depend on the cryptocurrency you want to buy and your country.
On Binance, users can fund their accounts with fiat currencies using their debit or credit cards, direct bank transfers, third-party payment channels, or by buying crypto on the P2P marketplace. Those who haven't completed the KYC process have deposit limits, which vary depending on their country. Note that funding your Binance account has zero fees.
Binance lets nine fiat currencies, such as EUR, UAH, BHD/KWD, AUD, NGN, AUD, GBP, USD, BRL, and ZAR, be used to fund bank transfers. Binance has partnered with ADVcash, Inswitch, GEO Pay, Bank Transfer (BBK), Truelayer, Simplex, and Bifinity as ways to send and receive money. Users can also fund their Binance wallets by receiving crypto from third-party wallets.
Just like with Binance, OKX users can fund their accounts with crypto or fiat currencies. They can use debit or credit cards, including Apple Pay credit cards, to add money to their account in 92 fiat currencies. OKX has partnered with 20 third-party providers to offer its users the option to buy and sell cryptocurrencies.
OKX vs Binance: Withdrawal
Binance allows users to withdraw fiat currencies or cryptos. On the Binance P2P trading platform, users can cash out and sell their cryptocurrencies or withdraw fiat currency directly to their bank accounts. They can also withdraw fiat through the third-party payment channels listed above.
Similarly, OKX allows users to cash out their crypto holdings through third-party providers or by selling on the P2P marketplace. They can also withdraw their crypto to third-party wallets.
Binance vs. OKX: Which One Is Better?
Binance ranks higher than OKX in most ways and is thought to be one of the best crypto exchanges. Both exchanges are pretty similar in terms of how users interact with them, the assets that can be traded, the products they offer, the ways to deposit and withdraw money, and the trading platforms. But overall, Binance has a marginal edge over OKX. In terms of regulation, OKX has room for improvement. Binance is heavily regulated in multiple jurisdictions, while OKX only has a temporary virtual asset license in Dubai.
For traders, Binance offers a highly liquid market compared to OKX. In CoinMarketCap's liquidity rankings, Binance ranks first with an average liquidity of 928, while OKX ranks 31st with 548. And based on the CoinMarketCap score, Binance ranks first and OKX seventh. This score is based on the number of people who visit a website, the average liquidity, the volume, and how sure people are that the volume reported by an exchange is real.
FAQs
Do Binance and OKX have decentralized exchanges?
Binance has the Binance DEX, built on the Binance chain, but it isn't as dominant as the Binance centralized crypto exchange. OKX doesn't have a DEX, but its web3 OKX wallet has a DEX and bridge aggregator integrated with over 100 DEX protocols, enabling users to seamlessly swap tokens.
Is Binance better than OKX?
Based on several metrics, Binance is better than OKX. It is the most liquid cryptocurrency exchange because it has the most trades and the most volume. It also lets you trade more assets than OKX, and if you pay with its own token, BNB, you can save up to 25% on trading fees. But it's important to note that both Binance and OKX have similar ecosystems that give users access to the Web 3.
Do Binance and OKX require KYC verification?
Yes. Since they're both centralized exchanges, users must complete KYC verification. OKX allows limited KYC-free trading. With Binance, users must complete KYC verification to trade on the platform.
Conclusion
Binance and OKX are among the top centralized cryptocurrency exchanges. They both offer a way to start trading with fiat currency, ways to make passive income, and access to crypto launchpads. They also have web3 crypto wallets—Trust Wallet and OKX wallet—that give users access to several dApps, DEX liquidity protocols, and the metaverse.
By most metrics, Binance outranks OKX. But at the end of the day, your choice of either Binance or OKX will most likely come down to personal preference. We've told you everything you need to know about both in this guide, so you can make an informed choice.
Methodology for this review
The team at Bitcompare poured through as much information as possible directly from Binance and OKX. However, that wasn’t enough, we needed to use the product as well. This allowed the team to fully grasp its features and how competitive it was with other crypto exchanges.
When scoring this product, we evaluated:
- Security: Does it have best practices like two-factor authentication and cold wallet storage, and has it ever been compromised?
- Usability: Is it easy to navigate? Have we experienced any bugs? And how does its usability compare with that of the competition?
- Regulation and licensing: Is it regulated and licensed to operate in its respective markets?
- Insurance: Is it insured? How much, and under what conditions?
- Features: Does it have features for advanced and beginner users? How do those features stack up with the competition?